On video, it is dazzling. It pictures, it is eye-catching.

The proposed new Rupp Arena looks on paper like the "gold standard" Kentucky basketball coach John Calipari has demanded for his program's on-court home.

On Monday, the city of Lexington took a step toward bringing a new Rupp to life, unveiling detailed drawings of a proposed $310 million renovation of the arena and the adjacent Lexington Center, a revitalization that Mayor Jim Gray said can make the arena "better than new, for less money."

But before the city can renovate the building -- and before UK basketball can sign a new long-term lease with Rupp Arena -- the project first must be paid for. And though Kentucky Governor Steve Beshear included $65 million for the renovation in his proposed state budget -- sent three weeks ago to the General Assembly -- there was no plan revealed Monday to cover the rest of those costs.

"We've promised a financing plan," said Brent Rice, chair of the Lexington Center Board of Directors, "and we will deliver it."

Monday wasn't about the money. It was about providing a tangible glimpse at what the arena would look like after a renovation that would include a new, transparent skin on the exterior, chairback seats throughout, a new center-hung scoreboard and other fan amenities.

The proposed new Rupp Arena would open in 2017, the fall after Kentucky basketball's current lease expires. And UK's involvement is a critical piece of the plan moving forward.

"I think it won't happen without us," said DeWayne Peevy, UK deputy director of athletics. "I think we're the biggest tenant. I think part of the revenues that the state (provides) and the bonding will be dependent on some kind of dedicated revenue. I mean, it's a little harder to forecast concerts for '17 when you haven't built the building. The one thing you know is gonna be there is Kentucky basketball. So I think the lease agreement with us is a major part, and that's our big part of it."

Peevy said that UK's goal is to play in a renovated Rupp Arena -- "We want to make this happen," he said -- but that the university's importance to the project's financing and completion "allowed us to think more creatively" about the terms of a lease.

Kentucky has insisted that the basketball team not be displaced during any construction -- the goal is to start it in the first quarter of next year, and complete it during offseasons for a proposed opening in 2017 -- and that the inclusion of chairback seats not decrease the arena's seating capacity.

A new lease likely would include terms of revenue splits not only over parking and concessions, but on any premium seating in the new arena, including club seats and private suites.

While UK is negotiating from a position of power, Peevy said the university isn't seeking a one-sided lease.

"We know if we're holding their feet to the fire, that you got to do this for us or you got to do that, that doesn't really help us in the long run," Peevy said. "We don't want that going to the back of the taxpayers of the city of Lexington. Hey, I live here, too. I'm a taxpayer. I don't want that on my back."

If the financing comes through, the arena promises to be one of the best in college basketball.

The designs unveiled on Monday show dramatic changes to the facade and the inside of the arena, as well as a proposed "Rupp District" that would feature outdoor video screens and the resurrection of the Town Branch stream, the water source around which Lexington was founded in 1775.

"You know, we redid our locker room," Calipari said. "And if the rest of the arena is done to the level of that and that's what they come up with, it's going to be one of the nicest in the world."

First, it has to be built.

Rice said he'd know more about a detailed financing plan in about two months. A number of options are on the table, including the sale of naming rights -- "Rupp Arena" would remain a part of the name, Rice said -- and involvement from UK fans in raising funds, an opportunity Rice compared to one the Green Bay Packers undertook.

When and if the financing is resolved, Peevy said, UK would "love" to have an announcement with Calipari, athletics director Mitch Barnhart and university president Eli Capilouto "all up on the stage to announce a new lease with Rupp Arena that solidifies this project moving forward."

"I'm confident with all these parties at the table, this project will become a reality," Kentucky Governor Steve Beshear said. "And I am going to make sure that it does."

Gray, too, is confident.

"But I learned a long time ago: Don't declare victory prematurely," Gray said. "You know, we've got a long ways to go. There's much work to be done. But that's good. That's what is to be expected in a challenging and ambitious and aspirational project like this."

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